Blockchain and cryptocurrency companies need to cater to a vast audience. Crypterium plans to step up its game through an upcoming investment round. Additionally, the company raised over €3.1M through the Seedrs fundraising platform.
Crypterium Targets A Global Audience
Cryptocurrencies and blockchain technology can operate beyond borders, creating global opportunities. Tapping into this new technology is tricky, although there are efforts underway to change the narrative. For example, Crypterium, as a global fintech startup, aims to make digital currencies more convenient to use. With over 400,000 active users today, its Wallet and Card services have proven to be popular. However, there is no time to stand still.
Through the Crypterium Wallet, users can access a variety of services in over 170 countries. The wallet works on iOS, Android, and PC, creating a streamlined user experience. Additionally, its payment card is available in over 180 countries, with the help of VISA. Spending one's digital currencies to pay for goods, services, and products like they would with other payment cards is a big step forward.
As Crypterium's team is led by a former GM of Visa Central & Eastern Europe, it quickly became apparent how important Europe can become for the company. Despite its presence in several dozen countries, Europe appears to be represented less often. That isn't an issue, per se, yet it makes the company's recent fundraising effort all the more significant.
After raising over €3.1M through the Seedrs platform from European investors, an exciting scenario unfolds. European investment regulation provides a roadblock for non-European investors through platforms like these. Raising such a sum from Europeans who represent under one-third of the company's user base indicates the fintech startup is on the right track. The team confirms it will organize a broader global sale shortly.
Expanding The Reach And Product Development
The Seedrs fundraising effort saw an initial target of €1M hit within 36 hours. Overfunding isn't uncommon for blockchain and crypto startups, although 304% is rather substantial. Additionally, the campaign noted over 2,600 investors and a capital influx pushing Crypterium's valuation to €85M. Among the investors was Crypterium CEO Steven Parker, who - along with other team members - helped contribute €600,000 to the private equity sale.
Crypterium CEO Steven Parker adds:
"Sooner or later, everyone will realize the power of digital currencies. A couple of years ago, no one could imagine that central banks would consider developing their own cryptocurrencies. And here we are — with bankers worldwide racing to join this exciting revolution of the financial system. I believe Crypterium is uniquely positioned to take advantage of this new era. That's exactly why I actively support this investment campaign."
The team has confirmed it will use this first investment round to focus on product development and promotional efforts. Moreover, the Crypterium staff want to use the latest capital inflow for QoL service improvements, achieving higher profitability and ensuring more users can access this alternative form of finance. In addition, a division of the funds will aid Crypterium's efforts across B2B business unit expansion, global marketing, new product launches, fiat currency licenses, better Crypterium Card support, and increasing the product and customer support aspect of the business.
The past twelve months have noted substantial user growth for Crypterium. Additionally, the company now has a 10x growth of monthly gross profit, and its turnover has surpassed €150M. Internal projections indicate the company will break through the €200M monthly turnover barrier in the next few years. That is, assuming this rate of growth continues. Crypterium's future global investment round will indicate whether that target is feasible or not.